A market moves, with a crisis unresolved

Sales rebound and development continues, yet stalled reforms, shrinking budgets, and flawed affordability targets are leaving the housing shortage largely intact.

An aerial photograph of the Willamette River in Portland, Ore. (Photo by Halbergman via Getty Images)

Last week, the House Appropriations Committee voted 34 to 27, along party lines, to advance its Housing and Urban Development spending bill for fiscal year 2027. The bill would provide $71.38 billion for HUD — a $5.94 billion, or more than 8 percent, cut…